There are many benefits of making a will; first and foremost it ensures any property belonging to you passes to your loved ones upon death. Making a will also enables the testator to prepare gifts and assets in order to avoid paying a large proportion of inheritance tax.
Although having a will is extremely important, it is equally important to have a will drafted by an experienced probate solicitor. Homemade wills are often littered with legal errors and do not account for any complicated changes that often occur in life. For example they often miss out assets and do not account for the death of the first beneficiary. Such DIY wills often lead to situations where people try contesting a will or make an inheritance claim - which are not only potentially expensive, but they also risk irreparable family disputes and may result in property not being distributed in accordance with the wishes of the person making the will.
You can appoint executors in your will. These could be professionals such as a firm of solicitors. They can also be family members with good business and financial acumen or more commonly a combination of both. Appointing a trustworthy executor ensures that your final wishes are carried out properly and efficiently, it also means that the value of your estate can be realised to its full potential. The appointment of a competent executor becomes more important the more complex and bigger a testator's estate is. Estates involving trusts normally have a detailed will in order for the executor to know exactly what to do with the money.
The creation of a will allows you to state any specific arrangements you want upon death, for example a particular style of funeral and your preference for cremation or burial. These are decisions that are often left to be made by close family and it can offer comfort to them in knowing they are following your instructions.
A large number of people draw up a will so that they can make the most of any inheritance tax reliefs. One way of avoiding inheritance tax is to leave assets to a spouse; you can set up a discretionary trust in your will to do this. Not only this but gifts made to charity are also inheritance tax exempt, so you could avoid giving money to the state by leaving it to a cause you believe in.
A will can contain information about setting up a 'lasting power of attorney'. You can trust a person with this right so that if you become mentally incapacitated they will be able to look after your care, treatment and financial affairs. The will can detail who you want to have this power and facilitate a lasting power of attorney agreement in the future.
It is sensible to nominate legal guardians in your will who will care for any children should you die. This is especially important if you do not have much family, or you do not want your children to be cared for by your remaining family.
An experienced probate solicitor should be able to help you write a will for as little as